WHO WE SERVE

Jonathan and Barbara were long-term clients of Boston Financial Management. They had been high earners in their careers and were comfortable financially when they transitioned into retirement. Upon their deaths, they wanted to ensure their estate could be settled without putting a burden on their children but thought that a trust was an unnecessary complication.

How Boston Financial Management Helped:

After an extensive review of their estate planning documents, our Estate and Financial Planning Team identified areas that needed updating, given the changes in their net worth and goals over time. This included:

• Explaining that their simple wills would require probate, which can be time-consuming and expensive
• Working collaboratively with their attorney to structure a new estate plan that works for their particular situation, including a plan to minimize Massachusetts state estate taxes
• Establishing new revocable trusts, and ensuring they were properly funded so that there would be no probate assets
• Working collaboratively with their attorney to ensure their new estate plan worked for their particular situation.

When Jonathan passed away, Barbara was relieved to find that the planning done with Boston Financial Management meant she did not need to go through a complex legal process during such a difficult time. In addition, she has the peace of mind that this planning will help facilitate a smooth transition for her children when she passes away.

Names and identifying details in this client story have been changed to protect client confidentiality. This client story does not contain any legal or tax advice. You should always consult with your attorney, accountant or other professional advisors before changing or implementing any tax, investment or estate planning strategy.